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JPMorgan CEO Dimon steps down as chair of consumer unit

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JPMorgan Chase & Co. (NYSE:JPM) chairman and chief executive Jamie Dimon has relinquished his duties as chair of the bank's consumer unit in accordance with a new internal policy on multiple roles.

Taking over for Dimon is William Weldon, who is also a director of the holding company. Dimon has been on the hot seat since the "London Whale" scandal, which lead to billions of dollars in losses as result of botched derivative trades.

Dimon is now chairman emeritus of the subsidiary, meaning he would be responsible for the public role of the living will, a regulatory filing which describes how the bank would be dismantled in the event of financial distress.

According to new internal rules at JPMorgan, the chairman of the company cannot chair any subsidiaries. The policy comes at a time when JPMorgan attempts to settle allegations on several fronts, including improper hiring practices in China and misleading sales tactics of mortgage securities.

Seperately, Evercore analyst Andrew Marquardt trimmed his third quarter earnings estimate to $1.40 from $1.42 a share, versus the mean estimate of $1.27 a share. Marquardt also revised his full-year estimate lower to $5.84 from $5.88 a share, compared to the Street's average prediction of $5.78 a share. He left his prediction for 2014 and 2015 unchanged at $5.75 a share and $6.12 a share, respectively. He rates the stock as a "buy" with a $61 price target, a 17% premium on Thursday's close.

Shares today rose 0.9% or 47 cents to $52.39. The stock has increased 19% so far this year.

Quick facts: JPMorgan Chase & Co

Price: 122.34 USD

NYSE:JPM
Market: NYSE
Market Cap: $372.92 billion
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